Ugandan shilling

Ugandan shilling
Shilingi ya Uganda (in Swahili)
The old 1,000-shilling note depicted a farmer on one side and grain storage on the reverse.
ISO 4217
Code	UGX
Denominations
Symbol	USh
Banknotes	1,000, 2,000, 5,000, 10,000, 20,000, 50,000 shillings
Coins
Freq. used	100, 200, 500, 1,000 shillings
Rarely used	10, 50
Demographics
User(s)	Uganda
Issuance
Central bank	Bank of Uganda
Website	www.bou.or.ug
Valuation
Inflation	4.7%
Source	The World Factbook, 2014 est.

The shilling (sign: USh; code: UGX) is the currency of Uganda. Officially divided into cents until 2013, the shilling now has no subdivision.^[1]

History[]

The first Ugandan shilling (UGS) replaced the East African shilling in 1966 at par. Following high inflation, a new shilling (UGX) was introduced in 1987 worth 100 old shillings.

The shilling is usually a stable currency and predominates in most financial transactions in Uganda, which has a very efficient foreign exchange market with low spreads. The United States dollar is also widely accepted. The pound sterling and increasingly the euro are also used.

The Bank of Uganda cut its policy rate to 22% on 1 February 2012 after reduction of inflation for 3 consecutive months.^[2]

Coins[]

First shilling[]

In 1966, coins were introduced in denominations of 5, 10, 20 and 50 cents and 1 and 2 shillings. The 5-, 10- and 20-cent coins were struck in bronze, with the higher denominations struck in cupro-nickel. The 2-shilling was only issued that year. In 1972, cupro-nickel 5-shilling coins were issued but were withdrawn from circulation are now very rare. In 1976, copper-plated steel replaced bronze in the 5- and 10-cent and cupro-nickel-plated steel replaced cupro-nickel in the 50-cent and 1-shilling. In 1986, nickel-plated-steel 50-cent and 1-shilling coins were issued, the last coins of the first shilling. Nowadays, the 5, 10, 20, 50 cents are very scarce to even find in circulation. The most commonly used denominations are (100, 200, 500, 1000) coins and also (1,000 2,000 5,000 10,000 20,000 50,000) for notes.

First Ugandan shilling coins
Image	Value	Composition	Diameter	Weight	Thickness	Edge	Issued
	5 cents	bronze	20 mm	3.21 g	1.38 mm	Smooth	1966-1975
	5 cents	bronze-plated steel	20 mm	3.21 g	1.2 mm	Smooth	1976
	10 cents	bronze	25 mm	5 g	1.5 mm	Smooth	1966-1975
	10 cents	bronze-plated steel	25 mm	4.5 g	1.5 mm	Smooth	1976
	20 cents	bronze	28 mm	9.76 g	2.07 mm	Smooth	1966-1974
	50 cents	copper-nickel	22 mm	4.60 g	1.5 mm	Reeded	1966-1974
	50 cents	copper-nickel-plated steel	22 mm	4 g	1.5 mm	Reeded	1976
	1 shilling	copper-nickel	25.5 mm	6.50 g	1.5 mm	Reeded	1966-1975
	1 shilling	copper-nickel-plated steel	25.5 mm	6.50 g	1.5 mm	Reeded	1976
	2 shillings	copper-nickel	30 mm	11.7 g	1.5 mm	Reeded	1976
	5 shillings	copper-nickel	30 mm (heptagonal)	13.5 g	2 mm	Smooth	1976

Second shilling[]

In 1987, copper-plated-steel 1- and 2-shilling and stainless-steel five- and ten- shilling coins were introduced, with the five- and ten-shilling curved-equilateral heptagonal in shape. In 1998, coins for 50, 100, 200 and 500 shillings were introduced. Denominations currently circulating are 1, 2, 5, 10, 50, 100, 200, 500, and 1,000 shillings.^[3]

Second Ugandan shilling coins
Image	Value	Composition	Diameter	Weight	Thickness	Edge	Issued
	1 shilling	copper-plated steel	19.5 mm (12-sided)	4.30 g	2.05 mm	Smooth	1987
	2 shillings	copper-plated steel	24 mm (12-sided)	8 g	2.45 mm	Smooth	1987
	5 shillings	stainless steel	22 mm (7-sided)	3.5 g	1.2 mm	Smooth	1987
	10 shillings	stainless steel	26 mm (7-sided)	5.7 g	1.3 mm	Smooth	1987
	50 shillings	Nickel-plated Steel	21 mm	3.9 g	1.8 mm	Smooth	1998-2015
	100 shillings	Copper-nickel	27 mm	7 g	1.73 mm	Reeded	1998-2008
	100 shillings	Nickel-plated Steel	27 mm	6.6 g	1.73 mm	Reeded	2007-2019
	200 shillings	Copper-nickel	25 mm	8.5 g	2.05 mm	Smooth	1998-2003
	200 shillings	Nickel-plated Steel	25 mm	7.25 g	2.05 mm	Smooth	2007-2019
	500 shillings	Aluminum-brass	23.5 mm	9 g	2.9 mm	Reeded	1998-2019
	1000 shillings	Bi-Metallic nickel-brass plated nickel center in nickel-brass ring	27 mm	10.25 g	3 mm	Reeded	2012

Banknotes[]

First shilling[]

In 1966, the Bank of Uganda introduced notes in denominations of 5, 10, 20 and 100 shillings. In 1973, fifty-shilling notes were introduced, followed by 500 and 1,000 shillings in 1983 and 5,000 shillings in 1985.

Second shilling[]

In 1987, notes were introduced in the new currency in denominations of 5, 10, 20, 50, 100 and 200 shillings. In 1991, five-hundred- and one-thousand-shilling notes were added, followed by five thousand shillings in 1993, ten thousand shillings in 1995, twenty thousand shillings in 1999, fifty thousand shillings in 2003 and two thousand shillings in 2010. Banknotes currently in circulation are 1,000, 2,000, 5,000, 10,000, 20,000 and 50,000 shillings. In 2005, the Bank of Uganda was considering whether to replace the low-value notes such as the 1,000-shilling with coins. The lower denomination notes take a battering in daily use, often being very dirty and sometimes disintegrating.^[4]

On 17 May 2010, the Bank of Uganda issued a new family of notes featuring a harmonised banknote design that depict Uganda's rich historical, natural, and cultural heritage. They also bear improved security features. Five images appear on all the six denominations: Ugandan mat patterns, Ugandan basketry, the map of Uganda (complete with the equator line), the Independence Monument, and a profile of a man wearing Karimojong headdress. Bank of Uganda Governor Emmanuel Tumusiime Mutebile said the new notes did not constitute a currency reform, nor were they dictated by politics. The redesign, he said, was driven by the need to comply with international practices and to beat counterfeiters. Uganda is the first African country to introduce the advanced security feature SPARK^[5] on a regular banknote series. SPARK is an optical security feature recognised by central banks worldwide and is used on a number of banknotes for protection against counterfeiting.

Current notes[]

• 50,000 shillings yellow ^[6]
• 20,000 shillings red
• 10,000 shillings purple
• 5,000 shillings green
• 2,000 shillings blue
• 1,000 shillings orange

Exchange rates[]

As of 22 August 2011, one US dollar (USD) was worth 2,800 Ugandan shillings. The exchange rate dropped to USD 1 = UGX 2,901 in September 2011, and it bounced back to USD 1 = UGX 2,303 on 13 February 2012.^[7]

As of 11 June 2020, 1 US dollar was valued at 3723 Ugandan shillings^[8]

See also[]

• Economy of Uganda
• Kenyan shilling
• Tanzanian shilling

References[]

External links[]